Employee Benefits

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Employee Benefits

EMPLOYEE BENEFITS

Net Periodic Benefit Cost

The components of the net periodic benefit cost for our pension and postretirement benefit plans are as follows:

	Pension Plan				Postretirement Benefit Plan
Three Months Ended June 30,	2023		2022		2023		2022
Net periodic benefit cost
Service cost	$	954	$	1,120	$	—	$	—
Interest cost	2,526		1,933		—		1
Expected return on plan assets	(3,756)		(4,723)		—		—
Amortization of prior service credit	(820)		(820)		—		(3,771)
Amortization of net loss	52		194		—		706
Net periodic benefit cost	$	(1,044)	$	(2,296)	$	—	$	(3,064)

	Pension Plan				Postretirement Benefit Plan
Six Months Ended June 30,	2023		2022		2023		2022
Net periodic benefit cost
Service cost	$	1,909	$	2,240	$	—	$	—
Interest cost	5,053		3,865		—		1
Expected return on plan assets	(7,513)		(9,445)		—		—
Amortization of prior service credit	(1,640)		(1,640)		—		(7,543)
Amortization of net loss	104		388		—		1,412
Special event plan closure	—		—		—		—
Net periodic benefit cost	$	(2,087)	$	(4,591)	$	—	$	(6,129)

A portion of the service cost component of net periodic pension and postretirement benefit costs is capitalized and amortized as part of deferred acquisition costs and is included in the line "Amortization of deferred policy acquisition costs" in the Consolidated Statements of Income and Comprehensive Income. The portion not related to the compensation and the other components of net periodic pension and postretirement benefit costs is included in the income statement line titled "other underwriting expenses."

In January 2021, the Company changed the postretirement benefit plan to a voluntary plan funded exclusively by participants, commencing at the start of 2023. The impact of this decision is reflected in the table above, with a one-time adjustment presented in the line "Special event plan closure" and an additional one-time adjustment in the line "Amortization of prior service credit". The amortization of prior service credits continued through the end of 2022 related to these plan changes. As of December 31, 2022, the postretirement benefit obligation was $0.

Employer Contributions

We previously disclosed in our Annual Report on Form 10-K/A for the year ended December 31, 2022 that we are not required to make a contribution to the pension plan for 2023.